The Manx Electricty Authority says 'forward buying' has enabled it to hold charges to its customers, despite soaring global prices.
After yesterday's announcement of an increase in gas prices, the MEA says three quarters of its anticipated gas usage for the winter months was bought well in advance.
The MEA uses gas for its CCGT (Combined Cycle Gas Turbine) power station at Pulrose and says the price was 'locked' in the summer when the cost of winter gas was 25% lower than it is now.
The MEA says its trading team looks three years ahead to ensure its risks are both quantified and actively managed.
(Picture: The headquarters of the Manx Electricity Authority, at the Ballacottier business park on the outskirts of Douglas).
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